BITCOIN USERS SIGNIFICANTLY OVERPAY FOR COMMISSIONS

According to a new study, Bitcoin users significantly overpay for commissions, because wallets incorrectly estimate the appropriate fee size.

Bit Consultants’ released data shows the discrepancy between the required fees and the fees that users pay. Besides, the last significant growth in the price of Bitcoin was followed by a sudden increase in transactions’ volume, as well as an increase in fees. Despite this, users still pay a lot to ensure timely confirmation of transactions.

The researchers note: “The commission fee is only 0.00003100 BTC ($0.15). Commission fees are not high – their assessment is wrong.”

To eliminate the issue in the short term, Bit Consultants recommends to use wallets with improved commission evaluation and processing functions. Such wallets have the ability to customize the fee size for end users, the “replace-by-fee” function, which allows the user to replace the transaction fee, and the “child pays for parent” option to view the history of transactions.

Now, Blockchain.com, the BTC wallet, offers a commission fee of 64 Satoshi per byte. However, the wallet still does not support SegWit addresses, which contributes to reducing the size of commissions.

One more resource for evaluating eligible network charges is Earn.com offering an even higher commission fee – 160 satoshi per byte. This option service is known as the cheapest and fastest.